Starting a Small Business
If you’re thinking of starting a small business, you’re not alone. Small businesses make up 99.9% of all businesses in the country. There’s over 1.5 million in DC, Maryland, and Virginia, and all of those small businesses had to start somewhere. Some started as an idea. Others began as part of a larger franchise network. Some were bought and changed over time. All of them, though, put in the effort to become the beating heartbeat of our communities and economy; something you can do, too.
First Steps
We’re not going to sugarcoat it: starting a small business takes a LOT of work, but that work can result in some of the most rewarding experiences as you see your business take life and grow. Before you get to any of that, though, there’s a few questions you should ask yourself before diving headfirst into your exciting new world:
- Starting a small business takes a ton of time, can you work for over 12 hours a day as you get started?
- What kind of products or services can you confidently produce, provide, market, and sell?
- Where do you want to build your business? Are you okay with a longer commute if it means a cheaper rent?
- Do you have a strong support system for when things go wrong?
- What does the market look like? Will I have too many competitors? How will I stand out?
- What registrations and licenses do I need? Are there any other legal processes I need to go to, especially if I plan on operating in the government contracting or medical fields?
- What’s your actual business plan?
That last question is critical. As the saying goes: a failure to plan is a plan to fail. A detailed and well-thought-out plan will help you start your business and position it in a place to really grow. Your business plan should include aspects like organizational structure, mission, visions, sales strategies, hiring, marketing, financing, and more. The more thorough you are, the easier it will be to present to a financial institution when you’re looking for money to make your business dream into a reality.
Financing Your Business with the SBA
Okay, time to talk about money (we are a bank, after all). Since you’re starting a small business, you have a huge advantage in financing options compared to large businesses: the US Small Business Administration (SBA).
We have a whole page dedicated to John Marshall Bank’s partnership with the SBA and the types of SBA loans we offer, but here’s a quick summary. SBA loans are designed to suit the needs of small businesses by having guaranteed rates, favorable terms, and lower down payments among other advantages. An SBA 7(a) loan, especially one offered by the JMB team, can truly be the difference maker as you start your small business. In fact, JMB has preferred lender status from the SBA, which is only given to lenders with a history of successful loans and allows us to expedite the loan process, delivering funding to your business faster than normal.
John Marshall Bank: Your Small Business’s Partner
When starting a small business, you’re going to need a financial partner that’s as dedicated to your business as you are. That type of relationship isn’t all that common in the financial world, but that’s where John Marshall Bank stands out. When you partner with JMB, you partner with a team that wants to see you grow and succeed. You’ll get a team of committed bankers that take the time to learn about you and your business, ensuring that we can provide the right financial solutions, fraud prevention products, and treasury services that suit your business. With John Marshall Bank, you get way more than just a bank, you get a business partner.
